Business
Safe Harbor Financial Announces Closing of Senior Secured Loan to Solar Cannabis Co., a Leading Massachusetts-based Cannabis Operator
The loan represents the expansion of Safe Harbor's senior secured lending program providing capital at commercial rates to proven cannabis operators ARVADA,
About this update from Shf Holdings, Inc.
[{"type":"text","content":"The loan represents the expansion of Safe Harbor's senior secured lending program providing capital at commercial rates to proven cannabis operators\nARVADA, Colo., June 7, 2022 /PRNewswire/ -- SHF, LLC d/b/a/ Safe Harbor Financial (\"Safe Harbor\" or the \"Company\"), a leading financial services provider to the cannabis industry, today announced the closing of a $5 million senior secured loan to Solar Cannabis Co., an established vertically-integrated cannabis operator headquartered in Somerset, Massachusetts. Solar Cannabis will use the funds to further accelerate its growth.\nThis transaction marks the evolution of Safe Harbor's senior secured lending program, which was established to provide loans to cannabis operators in states in which cannabis is legal. Solar Cannabis' loan is the first extended by Safe Harbor outside of its home state of Colorado. The terms of the loan were not disclosed.\nSafe Harbor, through its predecessor entity, began offering loan services in 2020 with the buildout of its commercial lending program in late 2021 to help cannabis operators overcome their historic reliance on expensive, non-traditional forms of capital. Since initiating the program, the Company has developed an actionable pipeline of approximately $500 million across nine states from both new as well as existing clients.\n\"We are excited to provide this extension of credit to Solar Cannabis. We believe, based on our due diligence process, the company has opportunities for continued growth,\" said Paul Penney, Chief Investment Officer of Safe Harbor. \"Safe Harbor is ushering in a new wave of commercial capital for the cannabis industry with leading compliance and underwriting alongside a low cost of capital advantage.\"\nSundie Seefried, Founder and CEO of Safe Harbor, stated, \"Our senior secured lending program is a key part of our efforts to increase our services to our clients. We are solving the cannabis industry's most significant problem – unreasonable costs of capital that meaningfully inhibit growth. We want to make sure those terms are over for our clients, and the industry has a reasonable lending environment moving forward.\"\nEdward Dow, CEO of Solar Cannabis, commented, \"Obtaining this loan from Safe Harbor gives us the resources we need to continue expanding our business in Massachusetts. It was a pleasure working wi...